Dogecoin Risks a Decline to $0.06 as It Faces Rejection at $0.08

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Dogecoin (DOGE) Price Long-term Prediction: Bullish
Dogecoin’s (DOGE) price stalls at a high of $0.080 as it risks a decline to $0.06. The price indication had previously anticipated DOGE to hit a high of $0.086 but the bulls were unable to maintain their bullish momentum.

A rally to a high of $0.10 would have been feasible if purchasers had been successful. The altcoin has been declining after its rejection from the pinnacle of $0.080. The current increase will resume if the altcoin retraces and finds support above the moving average lines.

Dogecoin will revert to its previous range-bound zone if the bears break below the 21-day SMA. The cryptocurrency will fall and become range-bound between $0.06 and $0.08 price levels. Meanwhile, the coin is now trading at $0.074 at the time of writing.

Technical indicators
Major Resistance Levels – $0.12 and $0.14
Major Support Levels – $0.06 and $0.04

Dogecoin (DOGE) Indicator Reading
The price bars on the 4-hour chart have slipped below the
moving average lines, indicating that the cryptocurrency is declining. On the daily chart, however, DOGE will continue its advance if the crypto’s price remains above the moving average lines.

Candlesticks with long tails are also present in the price action. DOGE is under heavy purchasing pressure near the
bottom.

What is the next direction for Dogecoin (DOGE)?
The recent upswing came to an end with a high of $0.080 as it risks a decline to $0.06. Buyers are attempting to stall the bearish trend above the moving average lines. This will allow DOGE/USD to rise in value.

Currently, the selling pressure has subsided, and the cryptocurrency is trading above the $0.070 support level.

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